Tired of extending Sales Contracts?
Disgruntled because of bait and switch interest rate and fees?
Trepid because of the surprises that pop up like a flaring zit in your teenage years?
Fed up with never getting a phone call or email back in a timely manner?
We hear you here at Sardi Mortgage, Inc. Now, while Sardi Mortgage, Inc isn't an actual operation... it is an actual human being. I breathe air. I breathe smoke (I know should quit, Mom). And I breathe what's best for anyone who takes a chance on a guy like me.
Let me tell a story and I'll try to make it brief. I read too many posts bloviating about this and that and never really saying anything. I don't desire this to be one of them.
About two months ago I had a return customer come to me with a two-fold question. The first one dealt with wanting to refinance his loan into a shorter term and lower interest rate. The second was an inquiry about his friend who wanted to buy a home but wasn't quite prepared to do it in the there and now. I'd like to concentrate on the latter, since the former is now in the books.
His friend has great credit, solid & stable income, and a rental history (with copies of canceled checks - take note renters) that is pure gold. However, they are paycheck to paycheck kind of people right now. Now, I know nobody out there reading this can identify with such, but this was their stumbling block. Because of the area they wanted to buy in, they didn't qualify for the 100% USDA Loan. Because they never served in the Armed Forces, they didn't qualify for the 100% VA Loan. So they had to come up with a down payment.
Outside of the two products mentioned in the paragraph above, 3.5% is the lowest downpayment on the streets right now. It can even be gifted from a relative. But this guy doesn't have a relative with the capacity to help him with such matters. So, he had to save it up along his way. And along his way, he was surrounded by many people who were also dealing with buying a home, refinancing a home, and inquiring about everything between. He got scared of the process and rightfully so.
I was asked a question that I'd never been asked in eight years of doing this gig. He asked me, "How can I be sure that my loan will really close? There seems to be so many horror stories out there, even if the loan does close. Can you promise me that I won't have to deal with that when I'm dealing with you?"
I had to pause at that point. Let's face it, I'm only as good as the company I work for and with. While I can do everything right on the front end, I DO have to rely on others to do the same on the back end... ensuring a smooth sail to the table where ink dries.
I answered his question. Do you want to take a guess as to how I answered it? Well, I told him I couldn't promise such things. I told him I can only promise ME and My Committment to anybody I deal with. It's a war out there. And I'm a soldier you can either hire or fire in these battles. Like a good car salesman, I should mention that I look dapper in fatigues. Like a bad car salesman, I rarely wear boots or underwear.
And it's reason #142 why I want to obtain the capital to start Sardi Mortgage, Inc. Common Sense Lending is an oxymoron these days. Oh, did I mention that the 'Inc.' doesn't stand for Incorporation, but Inclusion into the strange world of Common Sense Lending? Well, I just did.
- I loathe the HVCC - some prick from New York wanted to throw around his power and make this the rule of law. I'd take him to Judge Judy, but I'm way too busy watching Jerry Springer.
- 45 days to Settlement? Okay, that's fine. But two weeks in Underwriting is not. Especially if you are a small firm in the big picture. You either need more Underwriters or a better one.
- Regulate us all you want as to how much money we can make on a loan, just be prepared to do so consistently... and that includes your compensation, at whatever position you hold wielding such legislative powers.
- If you really want to look out for the consumer, protect them by teaching credit and home lending in their early years in High School.
- Well, there goes short and brief because I could go on for hours. Who knew??
I haven't yet been compensated by this blog. If you would like to provide such honors, email me and I will be sure to let you know where to send the eventual bounced check.
On that day that they question to hire me, watch out! Because if they don't, I will.
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